Money market

Lagos, Jan. 7, 2025 – Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey. The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy. The survey results showcase UBA’s …

Lagos, Jan. 7, 2025 – Africa’s Global Bank, United Bank for Africa (UBA) Plc, has cemented its position as a leading customer-centric institution, emerging among the Top 5 banks, in various survey’s segmentation, in the recently released KPMG 2024 West Africa Banking Industry Customer Experience Survey. The survey showed that the bank earned an impressive second place in SME Banking as well as a third place in Retail Banking, marking a significant leap in rankings that highlights UBA’s transformation under its Customer First (C1st) philosophy. The survey results showcase UBA’s …

Beijing, Jan. 7. 2025 – China’s foreign exchange reserves totalled 3.2024 trillion U.S. dollars at the end of December 2024, drop by 63.5 billion dollars, or 1.94 percent, compared to the end of November last year, official data showed Tuesday. The decline in foreign reserves was the lowest in eight months, from $3.26 trillion in November and below expectations of $3.25 trillion. The drop comes amid a strengthening US dollar. The yuan weakened by 1.2% while the dollar gained 2.6% against major currencies. The State Administration of Foreign Exchange said …

Lagos, Jan. 7, 2024 – Guaranty Trust Holding Company Plc (GTCO) has raised N209.41 billion from the first tranche of its public offer. Segun Agbaje, its Group Chief Executive Officer, disclosed this in a statement in Lagos. He said this was confirmed after the completion of the capital verification exercise conducted by the Central Bank of Nigeria (CBN) and the allotment basis approved by the Securities and Exchange Commission (SEC). Agbaje said that the offering received 130,617 valid applications for 4,705,800,290 ordinary shares which were fully allotted. “This milestone concludes …

Ota (Ogun), Jan. 6, 2025 -Dr Titus Okunrounmu, a former Director at the Central Bank of Nigeria (CBN), has advised the Federal Government to reduce the cost of governance in 2025. Okunrounmu gave the advice while speaking to the News Agency of Nigeria (NAN) in Ota, Ogun State, on Monday.  He said the high cost of governance had led to increased recurrent expenditure. The former CBN director of research said that debt servicing by the Federal Government had consequently increased from N9.8 trillion in 2023 to N12.1 trillion in 2024. He …

Lagos, Jan. 6, 2025 – Dele Oye, the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has suggested a review of corporate taxes to 19 per cent and Value-Added Tax (VAT) to 7.5 per cent. He said the reduction of corporate and value-added taxes would foster economic growth and boost government revenue. Oye made the suggestion in a statement titled “Options for Economic Reform and Consequences for The Medium-Term Expenditure Framework for 2025-2027” released in Lagos at the weekend.  “We believe corporate taxes should …

Port Harcourt, Dec. 30, 2024 – Gov. Siminalayi Fubara of Rivers State on Monday presented a ₦1.188 trillion Appropriation Bill for 2025 to the state House of Assembly. Fubara described the budget, tagged “Budget of Inclusive Growth and Development”, as a blueprint for consolidating the achievements of his administration in 2024. He said the budget estimates comprised of Recurrent Expenditure of ₦462 billion and Capital Expenditure ₦678 billion, reflecting a 44% to 56% ratio. Fubara listed the expected revenue sources to fund the budget to include ₦264.3 billion from Internally …